Investment Rating - The investment rating for CR Micro (688396.SS) has been upgraded from Underweight to Equal-weight with a target price increase from Rmb28.10 to Rmb40.00 [3][5]. Core Insights - The report identifies three key investment themes in the Chinese automotive semiconductor sector: Power Discrete Devices, Advanced Driver Assistance Systems (ADAS), and Microcontrollers (MCU) [4][23]. - China's electric vehicle (EV) market is projected to grow significantly, with EV penetration expected to rise from 28% in 2024 to 42% by 2030, indicating a strong demand for automotive semiconductors [3][27]. - The report emphasizes the importance of localization in the semiconductor supply chain, noting that most global automotive chip companies are still in the early stages of implementing localization strategies in China [4][28]. Summary by Sections Investment Themes - The three key investment areas are: 1. **Power Discrete Devices**: Chinese companies have made solid progress in IGBT and SiC substrates, with opportunities in MOSFET and SiC devices [4][40]. 2. **ADAS**: The ADAS SoC market is expected to have the highest compound annual growth rate (CAGR), benefiting various suppliers including SoC vendors and peripheral chip manufacturers [4][24]. 3. **MCU**: The self-sufficiency rate for automotive MCUs is very low, at less than 5% in 2024, indicating significant growth potential for leading local companies [4][41]. Market Dynamics - China consumed 56% of the global electric vehicle production, and the report forecasts that the domestic automotive semiconductor market will continue to grow faster than global peers due to the increasing demand for EVs and government support for supply chain localization [3][27]. - The report highlights that the automotive semiconductor supply chain in Greater China currently accounts for less than 5% of the global supply, with a self-sufficiency rate of only 15% [37][38]. Company Ratings and Strategies - The report recommends specific companies for investment based on their positions in the identified themes: - **Power Semi**: Companies like Starpower (603290.SS), Yangjie Technology (300373.SZ), and SICC (688234.SS) are highlighted for their growth potential [5][23]. - **ADAS**: Companies such as Horizon Robotics (9660.HK) and Will Semiconductor (603501.SS) are noted for their strong positions in the ADAS market [5][23]. - **MCU**: GigaDevice (603986.SS) is recognized for its potential to benefit from localization trends [5][23]. Future Projections - The report anticipates that by 2027, the self-sufficiency rate for automotive chips in China will reach 28%, reflecting the ongoing efforts to enhance local production capabilities [16][53]. - The expected growth in the electric vehicle market is projected to triple by 2030, with significant implications for the semiconductor industry [33][34].

Group 1 - The signing ceremony for major projects in Nanhu District marks the establishment of the global manufacturing headquarters for SIDA Power Devices and the high-performance catalytic new materials project by Satellite Chemical [2] - These projects reflect the confidence and determination of local listed chain enterprises in deepening their roots in Jiaxing, aligning with the integration of technological and industrial innovation [2] - The Satellite Chemical project is expected to generate over 100 billion in revenue and over 10 billion in taxes by 2024, with net profit ranking first among private A-share listed companies in Zhejiang [2] Group 2 - The Satellite Chemical project has a total investment of approximately 3 billion, aiming to create an integrated research and development platform for high-performance catalysts and high-end new materials [2] - The SIDA Power Devices global manufacturing headquarters project focuses on the research and manufacturing of automotive-grade and high-end power chips, accelerating high-end intelligent manufacturing and global layout [2] - Both companies have made significant contributions to the growth of advanced manufacturing clusters and the construction of an innovative intelligent manufacturing city in Jiaxing [3]

Core Insights - The signing ceremony for major projects in the Nanhu District took place on June 18, featuring the high-performance catalytic new materials project by Satellite Chemical and the global manufacturing headquarters project for automotive-grade power devices by SIDA Semiconductor [2][4]. Group 1: Company Overview - Satellite Chemical focuses on the production of precious metal catalysts and is recognized as the world's second-largest and China's largest producer of acrylic acid, with a projected revenue exceeding 100 billion yuan and tax contributions surpassing 10 billion yuan in 2024 [4]. - SIDA Semiconductor is a leading player in the domestic power semiconductor industry, ranking fifth globally and first in China for IGBT module market share [4]. Group 2: Economic Impact - Both companies have significantly contributed to the high-quality development of Jiaxing and Nanhu, with Satellite Chemical establishing a global marketing center and a 300,000-ton resin project in the district [4]. - SIDA Semiconductor has implemented projects such as 6-inch automotive-grade SiC MOSFET chips and high-voltage specialty power chips, enhancing the microelectronics industry in Nanhu and supporting the city's innovation in manufacturing [4]. Group 3: Strategic Initiatives - The Nanhu District government emphasizes collaboration with leading enterprises, supporting their expansion and innovation efforts, and aims to strengthen the new materials and microelectronics industries through strategic partnerships [5]. - The district's leadership is committed to providing excellent service to local enterprises, ensuring timely project initiation and completion, and fostering a conducive environment for investment and growth [5].

Core Viewpoint - The article discusses the successful hosting of the "2025 China Welding Industry Forum - Robotics and Intelligent Welding Technology and Applications" held in June 2025, emphasizing the importance of technological exchange and industry collaboration in the welding sector [3][45]. Event Overview - The forum was organized by the China Welding Association and included participation from various academic and industry leaders, with over 230 attendees from welding equipment manufacturers, industry associations, and research institutions [5][45]. - The event featured 16 high-level invited and thematic reports focusing on advancements in robotic welding technology and applications [45]. Key Speakers and Contributions - Notable speakers included: - Li Liansheng, Vice President and Secretary-General of the China Welding Association, who delivered the opening address [11]. - Wang Guobiao, Vice President of the China Mechanical Engineering Society, who represented the guiding unit [13]. - Shen Hua, Chairman of SIDA Semiconductor Co., Ltd., who represented the organizing unit [14]. - Presentations covered various topics such as the current status and future prospects of embodied intelligent welding robots, innovations in bridge welding technology, and advanced digital and intelligent cutting applications [23][24]. Industry Impact - The forum aimed to create a platform for deep integration of production, education, research, and application, promoting collaborative innovation and high-quality development in welding technology [45]. - The event received positive feedback from attendees, highlighting the significance of expert insights and industry practices shared during the forum [46].

? 每股分配比例 A 股每股现金红利0.63599元 证券代码：603290 证券简称：斯达半导 公告编号：2025-019 斯达半导体股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 相关日期 | 股份类别 | 股权登记日 | | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/16 | － | 2025/6/17 | 2025/6/17 | | ? 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 28 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 本次利润分配以方案实施前的公司总股本 239,473,466 股为基数，每股派发现金红利 三、 相关日期 | 股份类别 | 股权登记 ...

证券代码：603290 证券简称：斯达半导 公告编号：2025-020 斯达半导体股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 经斯达半导体股份有限公司（以下简称为"公司"）第五届董事会第八次会 议和 2024 年年度股东大会审议通过了《关于变更公司注册资本、修订<公司章程> 并办理工商变更登记的议案》，具体内容详见公司于 2025 年 04 月 26 日在上海 证券交易所网站（www.sse.com.cn）披露的《斯达半导体股份有限公司关于变更 公司注册资本、修订<公司章程>并办理工商变更登记的公告》（公告编号： 2025-012）。 类型：股份有限公司（港澳台投资、上市） 住所：浙江省嘉兴市南湖区科兴路 988 号 法定代表人：沈华 注册资本：贰亿叁仟玖佰肆拾陆万玖仟零拾肆人民币元 成立日期：2005 年 04 月 27 日 经营范围：一般项目：半导体分立器件制造；半导体分立器件销售；集成电 路芯片设计及服务；集成电路芯片及产品制造；集成电路芯片及产品销售；机械 1 零件、 ...

证券代码：603290 证券简称：斯达半导 公告编号：2025-019 斯达半导体股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.63599元 本次利润分配以方案实施前的公司总股本239,473,466股为基数，每股派发现金红利 0.63599元（含税），共计派发现金红利152,302,729.64元。 1. 发放年度：2024年年度 2. 分派对象： 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/16 | － | 2025/6/17 | 2025/6/17 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 28 日的2024年年度股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责 ...

● 本次调整原因：由于公司2021年股票期权激励计划第三期自主行权，公司总股本发生变化。公司按照 现金分配总额不变的原则，相应调整每股分配金额。 斯达半导体股份有限公司（以下简称"公司"）分别于2025年04月25日召开第五届董事会第八次会议、第 五届监事会第八次会议和2025年05月28日召开2024年年度股东大会，会议审议通过了《关于公司2024年 度利润分配的议案》，同意公司拟以实施权益分派的股权登记日总股本为基数，每10股派发现金红利 6.36元（含税），截至2024年12月31日，公司总股本为239,469,014股，预计派发现金红利152,302,292.90 元（含税）。如在实施权益分派股权登记日前，因可转债转股/回购股份/股权激励授予股份回购注销/重 大资产重组股份回购注销等致使公司总股本发生变动的，公司拟维持分配总额不变，相应调整每股分配 金额。具体内容详见公司分别于2025年04月26日、05月29日披露的《关于2024年度利润分配预案的公 告》（公告编号：2025-007）、《2024年年度股东大会决议公告》（公告编号：2025-017）。 自2025年01月01日至本公告披露日，由于公 ...

斯达半导体股份有限公司（以下简称"公司"）分别于 2025 年 04 月 25 日 召开第五届董事会第八次会议、第五届监事会第八次会议和 2025 年 05 月 28 日 召开 2024 年年度股东大会，会议审议通过了《关于公司 2024 年度利润分配的议 案》，同意公司拟以实施权益分派的股权登记日总股本为基数，每 10 股派发现 金红利 6.36 元（含税），截至 2024 年 12 月 31 日，公司总股本为 239,469,014 股，预计派发现金红利 152,302,292.90 元（含税）。如在实施权益分派股权登记 日前，因可转债转股/回购股份/股权激励授予股份回购注销/重大资产重组股份回 购注销等致使公司总股本发生变动的，公司拟维持分配总额不变，相应调整每股 分配金额。具体内容详见公司分别于 2025 年 04 月 26 日、05 月 29 日披露的《关 于 2024 年度利润分配预案的公告》（公告编号：2025-007）、《2024 年年度股 东大会决议公告》（公告编号：2025-017）。 证券代码：603290 证券简称：斯达半导 公告编号：2025-018 斯达半导体股份有限公司 关于 2 ...

重要内容提示： 每股分配比例：每股派发现金红利由人民币 0.636 元（含税）调整为 人民币 0.63599 元（含税）。 证券代码：603290 证券简称：斯达半导 公告编号：2025-018 斯达半导体股份有限公司 关于 2024 年度利润分配方案调整每股分配金额的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 调整后每股现金红利=原定利润分配总额÷实施 2024 年度权益分派股权登 记日登记的公司总股本=152,302,292.90÷239,473,466=0.63599 元（含税，保留小 数点后五位） 实际利润分配总额=调整后每股现金红利×实施 2024 年度权益分派股权登 记日登记的公司总股本=0.63599×239,473,466=152,302,729.64 元（含税，保留小 数点后两位；本次利润分配总额差异系每股现金红利的尾数四舍五入调整所致） 综上所述，公司 2024 年度利润分配方案调整为：每股现金红利人民币 0.63599 元（含税），利润分配总额为人民币 152,302,729.64 元（含 ...